Technology Minerals PLC (LSE:TM1) said its 48.35% owned battery recycling business, Recyclus, has secured £8.1 million in funding via a consortium with Mint Innovation, Jaguar Land Rover and the University of Warwick.
The funding will accelerate the development of a UK-based lithium-ion battery recycling solution.
The investment is split evenly between the Department for Business and Trade through the Advanced Propulsion Centre and contributions from the consortium partners.
The project will focus on demonstrating Mint Innovation’s low-carbon, hydrometallurgical refining technology for recovering lithium, nickel, and cobalt from black mass.
Recyclus, through its subsidiary LiBatt Recycling, will contribute industrial-scale expertise to bring the technology towards commercial readiness.
Robin Brundle, chairman of Technology Minerals and director of Recyclus, said: "We're thrilled to be collaborating with Mint Innovation, JLR, and WMG on this ground-breaking project, which marks a major milestone in advancing the UK's circular Li-ion battery economy."